Breyer thinks it’s better to keep access to IPOs more selective and “make it a high bar.” He adds, “There really is no rush. At the same time I am a big believer that the greatest challenge for an entrepreneur is to build a sustainable company that matters.” And that usually means going public instead of selling to another company.

Couldn't agree more.

The current crop of IPOs are raising more concerns than they are generating any enthusiasm. Groupon's IPO, for instance, is considered resounding evidence of a technology bubble, but that is really not the case. If IPOs were judged on a higher scale, as Breyer suggests, confidence might return more readily to an already shaky market. The enormous amount of criticism from the media regarding some of these IPOs just serves to undermine any potential positives that might be taken from one -- something that could certainly be mitigated by higher standards.